WASHINGTON — The Federal Open Market Committee released meeting minutes on Wednesday, June 17, 2026, confirming a unanimous decision to maintain the benchmark federal funds rate in a range between 3.5% and 3.75%. The vote followed the committee's meeting on June 16-17.

Kevin Warsh, chairman of the Federal Open Market Committee, described the internal discussions by saying, "The debate was a family fight." Some participants considered scenarios where inflation might ease, potentially allowing for lower interest rates, while others foresaw persistent elevated price increases that could necessitate rate hikes. The dot-plot grid of individual members' expectations suggested one rate hike in 2026 followed by cuts in the subsequent two years; Warsh did not participate in this grid.

The minutes indicated varied opinions on the appropriate level of the federal funds rate by the end of the year. "Many participants indicated that the appropriate level of the federal funds rate would be within or slightly below the current target range at the end of this year," the meeting minutes stated. Conversely, "Many other participants, however, assessed that the appropriate level of the federal funds rate would be above the current target range at the end of this year." The committee emphasized that future policy actions would depend on incoming information.

Regarding post-meeting communications, the minutes stated, "A number of participants noted that it was an opportune time to consider significant changes to the FOMC's postmeeting statement." A majority expressed preference for a more concise format, remarking that they "saw advantages in shortening the statement." The resulting post-meeting statement was about one-third the size of a typical communique. It removed language indicating an easing bias and eliminated boilerplate details on economic conditions and the approach to achieving low inflation and full employment. The statement affirmed the committee's resolve to restore "price stability" to the U.S. economy.

Warsh outlined five task forces to address individual topics, including communication, at a June news conference. The minutes noted that "some participants commented that they welcomed the opportunity to review the Committee's communications tools and practices." Warsh has made one public appearance since the June meeting, attending a European Central Bank forum in Portugal. President Donald Trump nominated Warsh as chairman of the Federal Reserve.